News

Takeover Panel check on SRH 'break-up' bid

THE Takeover Panel is closely monitoring speculation surrounding Scottish Radio Holdings (SRH) after the owner of Radio Clyde and Forth firmly rejected an approach from the 28% shareholder Emap.

Clydebank-based SRH’s robust response to Emap’s 1040p per share indicative offer was immediately followed by a report that Emap had already lined up Johnston Press as a buyer for SRH’s substantial local newspaper holdings.

Tim Bowdler, Johnston Press’s chief executive, was forced to dismiss the report as “speculative” but confirmed that he was interested if the newspapers became available. “There’s no secret in that — Emap knows of our interest,” he said. Lord Gordon of Strathblane, the chairman of SRH, and a non-executive director at Johnston Press, was not available for comment.

One insider close to the talks said he was surprised that the Takeover Panel had not intervened, considering the press speculation and the fact that it was in a technical